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Copper dips below USD 4700 mark at LME on demand fears—The 17th China(Guangzhou)Int’l Heat Treatment,Industrial Furnace Exhibition
11/18/2015 Heat Treatment,Industrial Furnace expo |
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Reuters reported that copper prices fell to their lowest in more than six years on Monday in a sell-off triggered by the attacks in Paris, a stronger dollar and poor demand prospects in top consumer China. Benchmark copper on the London Metal Exchange slid as low as $4,685 a tonne in early trading, matching the low seen in June 2009. The metal used in power and construction closed down 2.8 percent at $4,690.
Risky assets, such as commodities and equities, came under pressure as investors turned to safer assets, such as the dollar, after suspected Islamist militants launched coordinated attacks across Paris.
Slowing demand growth in China has been a major reason for copper''s losses of about 25 percent since the 2015 peak of $6,481 in May. The latest signs of weaker Chinese demand come from Chile''s Codelco, the world''s top copper producer, which has cut its 2016 premium to China for refined metal by more than a quarter to a three-year low of $98 a tonne.
Lower prices have persuaded some large mining companies, such as Freeport McMoRan and Glencore, to scale back production. But the cuts are insufficient
A recent Reuters survey showed analysts expect the global copper market to have a surplus of 349,000 tonnes this year and 177,000 tonnes in 2016.
Three-month aluminium fell to $1,465.50 a tonne, its lowest since Oct 28. Zinc was down 2.1 percent at $1,587, lead slid 0.9 percent to $1,596.5, tin lost 0.3 percent to $14,700 and nickel fell 1.2 percent to $9,310 a tonne.
—The
17th China(Guangzhou)Int’l Heat Treatment,Industrial Furnace
Exhibition
热处理展-工业炉展-2016第十七届广州国际热处理、工业炉展览会-中国效果最好的热处理工业炉展--巨浪展览
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